I don't see them making an M2, and if they do it'll likely be limited production like the 1M. There's just not really room in the product range for it and I suspect that's why they called the 235i the M235i, because its a sort-of-but-not-really M car that performs well.

I agree. I just think it's going to be really hard for them performance-wise and price-wise to slot an M2 between an M235 and an M4. And if they do, it'll cut deeply into sales of a 435. So, I think they've painted themselves into a weird corner and like you, I think they kinda split the difference and decided to call it the M235i then which basically is the same as a 135 with the PPK. Perhaps they'll just make a special version that has a small performance bump and cost $5k more? M235is?